1984 300 Inline 6 question

I have a 1984 Ford f150 with a Inline six engine. My question is the valve cover breather is connected to the air intake via a hose. The filter gets soaked with oil, so I know this connection is not correct. Can someone please tell me what I need to do with this. It is a plastic breather with a male 1/2 inch hose connector on it. Do I need to put a different type of breather on it. Thank you, Dean.

I will replace the pcv valve. Should the breather be hooked to the air intake? My Haynes manual doesn't show any pictures of the setup nor can I find it on the internet. I should also mention that when I disconnected the hose at the air intake there was some water in it. I have not reconnected it. Thank you, Dean.